What Has Been the Progress and Growth of the Leisure Boat Market in Recent Years?
The leisure boat market has seen considerable growth due to a variety of factors.
• The size of the leisure boat market has been experiencing consistent growth over the recent years. It is projected to expand from $44.72 billion in 2024 to $46.81 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.7%.
Such growth in the past can be credited to factors such as the development of marinas and infrastructure, the consumer's inclination towards water-related activities, promotional events and advertisements related to boating, consciousness regarding the environment and related regulations, as well as evolving trends in tourism and travel.
How Does the Forecast Look for the Leisure Boat Market?
The leisure boat market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the leisure boat market is predicted to experience robust expansion, hitting a value of $59.77 billion in 2029 with a compound annual growth rate (CAGR) of 6.3%.
This anticipated growth during the forecast period is tied to factors like the expansion of emerging markets, diversification and market segmentation, a rise in boating event and promotional activities, a growing preference for water-based pursuits, as well as the development of boating infrastructure. Noteworthy trends in this period include enhanced boat connectivity and tech integration, dedication to sustainable and eco-conscious designs, versatile and multi-functional boats, emphasis on customization and personalization, and an increasing interest in electric and hybrid boats.
What Are The Core Factors Supporting Growth In Leisure Boat Market?
The expansion of the tourism sector is anticipated to stimulate the growth of the leisure boat industry. Tourism, as an economic, cultural, and social phenomenon, encompasses individuals voyaging to countries or places beyond their usual environment for personal or business-related purposes. The exponential surge in tourism in the last ten years is attributed to greater disposable income, availability of diverse locations, a craving for exploration, among other factors. Leisure boats contribute to the tourism sector by transporting passengers to their chosen travel spots while offering a luxurious experience. For instance, a report from the United Nations World Trade Organization (UNWTO) in November 2023 stated that global destinations saw a 22% rise in international tourists in the third quarter of 2023, compared to the same time last year. The overall tourism has recovered to 87% of pre-pandemic levels in the period from January to September 2023, setting up the industry to reach nearly 90% by year's end, powered by a strong summer season in the Northern Hemisphere. Therefore, the surge in tourism is projected to enhance the demand for leisure boats over the prediction period.
How Are The Segments Defined Within The Global Leisure Boat Market?
The leisure boat market covered in this report is segmented –
1) By Boat Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, Other Types
2) By Power Source: Engine Powered, Sail Powered, Human Powered
3) By Material Type: Aluminum, Fiberglass, Steel, Other Materials
4) By Application: Fishing, Transportation, Sports, Travel And Tourism, Other Applications
Subsegments:
1) By Yachts: Motor Yachts, Sailing Yachts, Luxury Yachts, Sports Yachts
2) By Sailboats: Monohull Sailboats, Multihull Sailboats (Catamarans And Trimarans), Day Sailers, Racing Sailboats
3) By Personal Watercrafts: Jet Skis, Stand-Up Personal Watercraft, Sit-Down Personal Watercraft, Towable Personal Watercraft
4) By Inflatables: Inflatable Boats (RIBs - Rigid Inflatable Boats), Inflatable Kayaks, Inflatable Rafts, Inflatable Paddleboards
5) By Other Types: Fishing Boats, Cabin Cruisers, Houseboats, Electric Boats, Specialty Boats
Pre-Book The Leisure Boat Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Expected To Influence The Growth Of The Leisure Boat Market?
Leading businesses in the leisure boat market are focusing on creating innovative boats that utilize technology like solar-electric propulsion systems to propel India to the forefront of sustainable maritime solutions. A solar-electric propulsion system, an environmentally friendly boating technology, relies on solar panels to generate power, which is then used to drive electric motors, decreasing dependence on fossil fuels and reducing environmental harm. For example, in December 2023, NavAlt Solar & Electric Boats Pvt Ltd, a company based in India that manufactures solar-electric and hybrid boats, debuted the Barracuda, hailed as India's quickest solar-electric boat. It's constructed for resilience and performance under tough sea conditions, while also championing sustainable maritime strategies. The innovative Barracuda boasts a stable catamaran hull, a top speed of 12.5 knots, and a 6-kW solar panel for battery charging, which underscores its eco-friendly maritime technology approach.
Who Are the Key Players in the Leisure Boat Market?
Major companies operating in the leisure boat market include:
• Yamaha Motor Co Ltd.
• Brunswick Corporation
• Groupe Beneteau
• Ferretti S.p.A.
• Viking Yacht Company
• MasterCraft Boat Company
• Malibu Boats LLC
• Princess Yachts International plc
• Marine Products Corporation
• Sunseeker International Limited
• Boston Whaler Inc.
• Westport Yachts
• Hatteras Yachts
• Regal Boats
• Cobalt Boats LLC
• Grady-White Boats Inc.
• Ranger Boats Inc.
• Duffy Electric Boats
• Monterey Boats
• Canadian Electric Boat Company
• Chaparral Boats Inc.
• CRN SpA
• Jeanneau
• Nautor's Swan OYJ
• Andaman Boatyard
• Azimut Benetti Group
• Baja Marine Inc.
• Bavaria Yachtbau GmbH
• Boote Marian GmbH
What Is The Most Dominant Region In The Leisure Boat Market?
North America was the largest region in the leisure boat market in 2024. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
